Important: FinCEN Beneficial Ownership Information Reporting Updates
Court Injunction Pauses Filing Requirements; New January 13 Deadline When Resumed
Hey founders,
Quick but important update regarding the Beneficial Ownership Information (BOI) reporting requirements that affect all of us running companies in the US. There have been some significant changes due to ongoing court cases that you need to know about.
Current Status: Reporting Temporarily Paused
As of December 26, 2024, due to a court injunction in the Texas Top Cop Shop, Inc. v. Garland case:
BOI reporting requirements are temporarily paused
No companies are currently required to file
You can still submit reports voluntarily if you choose
The government is actively appealing this injunction
New Extended Deadlines (Once Reporting Resumes)
When the reporting requirement returns, here are the new deadlines you need to know:
For Existing Companies:
If your company was created before January 1, 2024: You now have until January 13, 2025
If created between September 4 - December 23, 2024: January 13, 2025
If created between December 3-23, 2024: You get an extra 21 days from your original deadline
For New Companies:
If creating a company after January 1, 2025: You'll have 30 days from receiving notice that your company's creation/registration is effective
What This Means For You
If You Haven't Filed Yet: You have some breathing room. While reporting is paused, you can use this time to gather your information and prepare your filing.
If You're Forming a New Company: Keep monitoring the situation. While there's no immediate requirement to file, be ready to submit within 30 days once the injunction lifts.
If You've Already Filed: You're ahead of the game! No additional action needed.
Next Steps
Stay Informed: We'll keep updating the community as the court case progresses
Prepare Your Information: Use this extra time to gather required details
Consider Filing Voluntarily: If you're ready, you can still submit your report
Resources
Official FinCEN updates: https://www.fincen.gov/boi
Join our WhatsApp community for real-time updates
Check h1bfounders.com post for detailed guides on BOI reporting
Remember: While this pause gives us extra time, it's smart to be prepared. We'll keep monitoring the situation and update you on any changes.
Questions? Drop them in the comments or join our WhatsApp group for discussion.
Best,
Sid
Note: This information is current as of January 5, 2025. Given the ongoing legal proceedings, requirements may change. Always verify current requirements with official sources or your legal counsel.